BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Britannia Industries Ltd. reported flat sales and volume growth YoY in Q1 FY22, despite an extremely high base of ~27% sales growth (and 21% volume growth), well ahead of expectations.
Importantly, it achieved this despite no major pantry loading during the second Covid-19 wave lockdowns.
While Britannia's margins were below expectations – leading to in-line Ebitda and profit after tax, despite a significant sales beat – the outlook is better going forward, with calibrated price increases.
The key positive in the post-results call was the announcement of a sharp reduction in group inter-corporate deposits to Rs 4.7 billion at end-June 2021 from Rs 7.9 billion in March 2021 – these levels were last seen in FY18.
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